Institution of Civil Engineers’ Pension Scheme agrees £35m buy-in with Aviva

Written by Adam Cadle

10/07/2024

The trustees of the Institution of Civil Engineers (ICE) Staff Retirement Benefits & Life Assurance Scheme have agreed a c.£35m full scheme buy-in with Aviva.

Following a robust process to review the insurance market, the scheme’s trustees have completed a buy-in transaction with Aviva to insure the benefits for all members of the scheme.

Barnett Waddingham acted as actuarial, administration, investment and risk transfer advisors. Legal advice was provided to the Trustees by Gowling WLG.

The transaction covers c.300 members of the ICE pension scheme and was agreed in June 2024.

Paul Donnelly, BPA deal manager at Aviva, said: “From our initial discussion with the scheme’s trustees and their advisers, we knew they had a clear plan to secure the scheme for the beneficiaries and we are delighted they selected us as a de-risking partner. The transaction completed within six weeks from the initial quote request, using our new Aviva Clarity streamlined process. The speed of the transaction was also thanks to the combination of careful preparation, and close collaboration from all parties."

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